Legacy Property Group, LLC is a full service commercial real estate firm specializing in Northern New Jersey Office, Industrial, Retail and Investment Advisory Services.

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The Northern NJ office market approximates 154M SF in over 6,000 properties or just under 2% of the US market. Weak fundamentals have limited rent growth in the post- recession years, and asking rents have still not recovered to their historical peak. Northern New Jersey still attracts plenty of investors, and sales volume averaged more than $1 billion annually over the last six years.

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Northern New Jersey attracts fairly consistent investment, with sales volume in the $4.5 billion range segmented by Office ($1.5B), Industrial ($1.4B), Retail ($700M), and Multi- family ($1B). Investment’s momentum is likely to be stunted, however, by the coronavirus outbreak.

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The Northern NJ industrial market approximates 240M SF in over 6,000 properties or just under 1.4% of the US market. Strong demand has helped Northern New Jersey’s vacancies drop below their historical average. The market has benefited from an improved national economy, as well as an ever-growing appetite for logistics inventory as the e-commerce industry expands.

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The Northern NJ retail market approximates 131M SF or just over 1% of the US market. High incomes help stabilize Northern New Jersey’s retail fundamentals. Slow and steady growth has been a theme of the metro’s performance in this cycle. Vacancies have increased in 2020 and may rise further with the coronavirus pandemic threatening the economy.

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The Northern NJ multi-family market approximates 140K units or just under 1% of the US market. Rent growth decelerated last year, but also exceeded its historical average. Investors have noticed the metro’s strengthening fundamentals and more than $1 billion traded last year.